Flags of Convenience:
The largest shipping registries are Panama, Liberia, Greece, Marshall Islands and the Bahamas,
Approximately 6,300 sail under the Panamanian flag, making Panama the largest. The Greek-controlled fleet is at almost 90 million gross tons.
The Marshall Islands is fourth with 1, 500 vessels and 37 million tons. Bahamas has 1,500 vessels at 27 million tons.
Other significant flags include Cyprus and Malta

"There was a very violent attack against a North Korean vessel by Somali pirates who used automatic rifles and RPGs (rocket-propelled grenades)," Pottengal Mukundan, director of the London based International Maritime Bureau (IMB) said

"Nine crew members have been seriously injured as a result of the attack," he added.

Mukundan said Somali pirates, who have become a serious hazard for shipping in the region, attacked the ship which was heading to Mombasa."Despite coming under heavy attack, the pirates were unable to board the ship," he said.

Mukundan said IMB had relayed news of the attack to the relevant authorities to provide assistance to the crew.

Urging seafarers to remain alert, he said pirates were shifting their attacks against ships "well south of the previous areas of risk, threatening the trade route into Mombasa and Dar es Salaam."

"A typical example of the last event of the ship «Maran Centaurus» the owner Mr. John Angelikousi where, to release the ship, paid a ransom of about 7 million U.S. dollars. This amount is considered the largest sum ever paid for the release of the ship.

The war of gangs is so great that when Mr. I. Angelikousi's ship the Greek super tanker «Maran Centaurus». was ransomed, As broadcast by foreign news agencies, there were four deaths among the two groups of pirates killed each other for the ransom,. The clashes erupted 300 km north of Mogadishu, a day after the payment of approximately seven million U.S. dollars for the liberation of the Greek ship. (rough translation from the Greek by Google, with some editing)here

The UNDP estimates that Somalis in the diaspora contribute about $1 billion in remittances annually. These funds are distributed through money-transfer agencies controlled by clan leaders and warlords who tax the remittances. Thus the funds go primarily to family members, but also to finance clan leaders and warlords. Some stakeholders in the region may be invested in the perpetuation of the conflict. It's not only the pirates making a killing. Somalia's service sector also has grown. Telecommunication firms provide wireless services in most major cities and offer the lowest international call rates on the continent. In the absence of a formal banking sector, money transfer/remittance services have sprouted throughout the country, handling roughly $2 billion in remittances annually Hormuud Telecom, the biggest network in Somalia with more than a million subscribers, says it designed the software for its SAAD money transfer service, but was helped by Safaricom workshops and consultants.

Money transfer firms are another backbone of the economy as remittances from the large Somali diaspora, estimated at around $1 billion a year, keep many Somali families alive.

"This is the lifeline of the whole economy ... and they are the future banks of Somalia," Central Bank Governor Bashir Issa Ali told Reuters.

"Somalia has been saved by the money transfer companies and the telephone companies," he said. "This is a great thing for the payments system." here

30.3.10

The Swedish patrol plane monitored the movements of a hijacked fishing vessel and reported to the EU NAVFOR Force HQ. . The EU NAVFOR Luxemburg patrol plane then arrived and provided cover and positional information to a Seychelles Coast Guard vessel The pirates who abandoned this vessel and took control of another ship and set course for the northern Somali basin. Seychelles Coast Guard vessel used disabling gunfire and the vessel was hit below the water line and it began to sink. All personnel jumped overboard and were rescued unharmed.

At present the Luxembourg government has provided two Swearingen Merlin III aircraft operated by CAE Aviation. These aircraft are now based in Mahé Seychelles in support of the EU’s “Operation Atalanta”. However, the Merlin III is an old aircraft with a limited range of less than 600 nautical miles, it carries a search radar and an Electro Optic Turret and is a useful short-medium range observation platform.

29.3.10

De Zeven Provinciën class [very similar to the German Sachsen class] frigate HNLMS Tromp (F803) managed to tackle pirates March 28, last night and this morning 2 times successfully in action. This time the pirates were 850 kilometer north of the Seychelles at about 950 kilometer from the Somali coast forced to stop.

Last night the Tromp discovered an attack boat and mother with a total of 7 persons on board. Piracy attributes, such as ladders and arms, visible on both ships were thrown overboard. Because they could not be linked to a hijack attempt, the crew was left by the Tromp with nothing but adequate food and fuel to get to the coast of Somalia.

The same happened March 29 with 10 pirates. . The Tromp, in collaboration with a Swedish patrol aircraft, found a mother and 2 assault boats. . They also dropped the suspect material into seawater. On seeing the approaching Marines of the boarding team the pirates surrendered. . On board the mothership were 10 drums each 200 liter diesel, which the navy crew made unusable. Both attack boats were destroyed by Hr. Ms. Tromp. From Dutch Defense Ministry[translated by Google with a minimum of editing]

THE US Navy has reported that North Korea-flagged general cargo ship Rim has been hijacked by pirates, EU NAVFOR said today. The 4,800dwt vessel was taken in the Gulf of Aden to the north of the Internationally Recommended Transit Corridor. It was not registered with MSC HOA. EU NAVFOR said the US destroyer Porter and a helicopter from the destroyer Farragut, both in the service of NATO CTF 151, had confirmed the hijacking. Rim is now heading towards the Somali Basin. Andrew Mwangura told Fairplay that 17 crew members were reportedly on Rim. Vessel was enroute Mariupol Ukraine – Kandla India.Rim IMO 7328554 Flag North Korea General Cargo build 1973 DWT 4800 White Sea Shipping Co. Ltd Libya. Crew 17, assumedly Lybians and Romanians.

White Sea & Onega Shipping Company: cargoes are delivered to the countries of Europe, North Africa and the Near East: also involved in the "North-South" corridor carrying cargoes from Europe to the Caspian Sea and Iran.

27.3.10

AFRICA STAR IMO 8707434 Container Ship 26152 dwt 1988 MaltaPirates, apparently from Somalia, attempted to hijack Malta-flagged Zim "Africa Star" container ship on Saturday near the Republic of Djibouti, reported the Israeli shipping company, which is owned by the Ofer family.Security guards aboard the ship returned fire and repelled the pirates, who surrounded the vessel as it was sailing in the Red Sea. The Transportation Ministry was notified that the Zim ship was attacked as it was making its way from Mombasa, Kenya to the Ashdod Port. The incident ended with no casualties among the Zim crew. A similar attempt to hijack a Zim vessel on Thursday also ended without injury.

The Group evolved from Joseph Herschovici's small ship chandlery and shipping agency in Haifa to today's multifaceted economic conglomerate, managed by his sons, who changed the family's name to the Hebrew name, Ofer. Two sons, Sammy and Yuli, have spent their entire professional lives building the family's business enterprise, reaffirming their father's legacy and dreams.The oldest son, David, joined the family business after an impressive public service career at the peak of which he served as a Major General in the Israel Police. He passed away in 1994.1988 Ville de Neptune1992 Gluecksburg1994 CGM Iguacu II1996 CMBT Himalaya1996 P&O Nedlloyd Chile.2000 Gluecksburg2001 MSC Quito2002 Gluecksburg2004 Delmas Capricorne2005 Africa Star

Mombasa, Nairobi, Kenya Kenyan Government officials have declined to accept three suspected Somali pirates and one corpse held by Italian Maestrale class frigate MM Scirocco (F573) at the port of Mombasa, on March 26 said a police source.

“The government has forced a temporary prohibit on pirates being brought into the country.” Coast Provincial Police Chief Leo Nyongesa told journalists. Our hands are tied since we have many pirates on trial in Kenya and we cannot accept more, he added.

Kenya is among two nations to have an agreement with Western naval powers for the arrest and prosecution of suspected pirates.

Italian Naval Warship MV Scirocco with the three suspected pirates and the dead man docked at the Port of Mombasa early on Thursday and is still at bay pending the government ruling on the matter.

Sources say that the Italian warship had interdicted the suspected pirates on the high seas.

The coast Police Chief also said that, “There is no way they shall allow the suspected pirates in our country for now, and this is a government directive and must be adhered to”.

On 24 March, the frigate Scirocco under the command of Commander Giachino Massimiliano rescued a small boat adrift about 170 miles off the coast of Kenya in the Indian Ocean.On board were found four people, three of which were in very poor health condition, with signs of severe dehydration and hunger and the fourth unfortunately already died.

. Despite the difficulty of communicating with the survivors due to the lack of an interpreter, it was possible to understand that remained adrift for a long time, perhaps more than a week. The unfortunates were subjected to first aid and transported to Mombasa (Kenya).

26.3.10

The hijacking of the Frigia is potentially more complicated. It is unclear if its cargo of fertilizer is nitrate-based, which could be used for bomb-making in Somalia. Naval warships generally monitor such hijacked ships very closely and it is difficult to unload cargo without proper port facilities. Using fertilizer to make bombs also requires some expertise and the Somali Islamists have not used such bombs before.

Ayhan Ugurlubay, a spokesman for the Turkey-based Karya shipping company, said officials received a distress signal from the Frigia early Tuesday but have had no contact with the ship since then.

The ship was carrying fertilizer from Israel and was heading for Thailand, he said. The ship had 19 Turks and two Ukrainians on board.

“We carried out all the required procedures. The ship sailed through the dangerous zone in a convoy, escorted by [Turkish navy frigates] the Gediz and Gelibolu,” he told Turkey’s state-run Anatolia news agency.

“The incident occurred one and a half days after it left the naval convoy ... It is the first time that a ship has been kidnapped so far away,” he said.

25.3.10

It is not clear, says the NY Times, what happened to the body found by a Spanish boarding party in a skiff attacked by a Spanish helicopter off Haradere. Units commanded by Force Commander, Rear Admiral Giovanni Gumiero of the Italian Navy, let go six individuals found in skiffs 60 miles south of Haradere, a beach frequently used by pirates after the captain of the MV Almezaan said he could not identify the men detained by the Spanish navy as the group of pirates who attacked him,

It was not clear what had happened to the body of "the slain attacker." [or individual who had died.]The suspects were freed because the captain of the ship they were accused of attacking declined to identify them for the purposes of legal action.They were captured after private contractors on board the cargo ship, the Almezaan, repulsed two attempts to commandeer the vessel and killed a seventh attacker in the process.

Frigate ESPS NAVARRA, from the Spanish Navy, launched her helicopter, quickly locating the ALMEZAAN and the pirates’ boats, known as skiffs. When the suspects failed to heed the helicopter’s instructions to stop, warning shots were fired by the aircraft, after which a team from NAVARRA boarded a skiff.

There were three boats, comprising one mother ship and two pirate skiffs. In the first skiff they found three suspected pirates and, in the second, three suspects and a fourth individual, who had died. The body has been transferred to NAVARRA, and an investigation indicated that the individual had died from small calibre gunshot wounds.

This phantom Malta-flag, russian-controlled vessel destined for Volko Finland is instead headed West at 31.1 miles from Harjumaa, Estonia. According to Interfax Arctic Sea has been sold for 2.3 million dollars to an unknown buyer. According to a sales agent at the equivalent of approximately 1.69 million euros.

Frigia IMO: 7507485Malta flagged Turkish owned (Garanti Finansal Kiralama, a subsidiarty of Turkiye Garanti Bankasi AS, Istambul) cargo ship MV FRIGIA, deadweight 35,000 tonnes. The captain of Malta-flagged Frigia reported March 23 AM to the ship’s owner that pirates were on board while the vessel was traveling from Egypt to Thailand. The ship was 450 n-miles outside the area where the anti-piracy force operates about 1000 n-miles from Somalia, which is closer to India than Somalia. It was originally heading east, but is now heading west and appears to be heading towards Somalia. The vessel has a 21-member crew, made up of 19 Turks and two Ukrainians. The ship is carrying phosphates and potash,

Garanti Finansal Kiralama A.S. (Garanti Leasing) reflect the risky operating environment, the small size, limited business and geographic diversification, and weak wholesale funding profile of the company. Offsetting these negative factors are the company's ownership by, and strong expected financial support if needed, from Türkiye Garanti Bankasi A.S. (Garanti; BB-/Negative/--), as well as its leading commercial position in its niche market, good asset quality, and strong management. The long-term rating on Garanti Leasing benefits from a one-notch uplift from its stand-alone credit quality, as Standard&Poor's Ratings Services considers it to be a strategically important subsidiary of Garanti. Garanti Leasing is the largest leasing company in Turkey.

Cleveland LPD-7Currently being shadowed by a US warship, Bermuda-registered cargo ship, the Talca, was hijacked off the coast of Oman while transporting citrus fruit from Egypt to Iran.

Bermuda Premier Brown said : "There are 22 persons on board. The Managers based in London had brief contact with the Chief Engineer by telephone who confirmed there were pirates on board but that the crew was safe.

22.3.10

According to the Russian news agency Interfax Arctic Sea has been sold for 2.3 million dollars of the purchase price to an unknown buyer. According to a sales agent at the equivalent of approximately 1.69 million euros. Then again, maybe not, looks like she is loading cut timber. A new crew was sent to man the vessel on 11 November and it resumed commerce after being repaired, re-certified, and re-provisioned. The Russians have announced that the original 'hijacked' crew will take over for the next voyage out of Finland.

21.3.10

Brandenburg Class (Type 123) FGS EMDEN's helicopter found one whaler and two attack skiffs with twelve persons onboard on the 18th of March, it carries two AgustaWestland Sea Lynx mk88 helicopters and a rigid inflatable boat for boarding operations

When the suspected pirates noticed the presence of the helicopter, they tried to escape, and it took warning shots to stop them fleeing. They then jumped overboard and swam to their mother ship. More warning shots were required to stop the whaler that tried to escape as well.Two days later the EMDEN’s helicopter discovered a new PAG, consisting of one mother ship (whaler) and two skiffs in tow about 250 nautical miles from Somali coast. Initially, the mother ship refused to stop and to follow the instructions given by the helicopter. Warning shots were necessary to stop them and finally a boarding team was sent onboard the PAG. The boarding team destroyed several weapons, grappling hooks and ladders and afterwards the two skiffs were destroyed as well. As a result of this action, two attack skiffs were destroyed and grappling hooks were seized.

18.3.10

A suspected pirate boat, which escaped yesterday the naval frigate. Hr. Ms. Tromp, this morning is still forced to stop.The helicopter warned the fleeing pirates with some shots to go. „ "We have shot three boxes of blank ammunition from the helicopter. The skiff tried to evade. Therefore, a warning shot fired in the 127 millimeter gun. This gives a huge bang and a beautiful water column. .” Very effective. "The detained pirates, 20 in all, some of whom were caught earlier, will be released with their boat near the Somali coast on March 19. The Dutch navy has to release the pirates because of the difficulties associated with putting them on trial.

Seven pirates escaped in the first instance, after the commander of the Tromp, sea captain Hans Lodder was no longer justified the pursuit in the dark to continue. When the naval frigate swept toward Somali coast , it came in its continuing quest upon the fleeing skiff. . This was detected by the radar at more than 9 nautical miles from the frigate,which then sailed with high speed.

The Lynx helicopter on board was launched, and the crew knew the vessel and its occupants on the basis of earlier pictures.On board were some barrels of gasoline, a ladder had been previously found not present in the boat. Where the helicopter and the frigate fired warning shots across the bow of the skiff the pirates knew it was time to stop.

They have taken on board and be held tomorrow when they will be released for the Somali pirate coast. Tromp has last week during Operation Sweeping Broom already called 3 full pirate action groups located and rendered harmless. This action by Hr. Ms. Tromp challenges piracy in international waters and protects the merchant ships in waters off Somalia. The navy frigate is currently part of the EU operation Atalanta. Dutch from the Department of Defense, tranlated by Google with a minimum of editing.

17.3.10

On 12th March, after receiving a report from MV E.R. LUBECK (Liberian Flag, German owner Erck Rickmers), that pirates in 2 skiffs had tried to hijack her, HNLMS TROMP proceeded at best speed to assist, locating a skiff and firing several warning shots before the 10 metres long mother ship (whaler) stopped. A boarding party soon took control of the boat with two persons onboard. HNLMS TROMP continued to search the area and, the following day, found two suspicious skiffs with 7 persons onboard about one hundred nautical miles from the whaler. Some equipment had been jettisoned but ladders and weapons were found onboard the skiffs. All equipment was confiscated and the mother ship was destroyed.Early on morning, 17 March, two small skiffs made a fast approach on the EU NAVFOR Dutch HNLMS TROMP with a third boat, the suspected pirates’ mother ship, uncovered ammunition and some rocket propelled grenades. Ten suspects were held on board the warship before being released to one of their boats. The nine men found on board the vessels had satellite telephones, ladders, AK-47 automatic rifles and a rocket launcher with them. All equipment was confiscated and the boats destroyed.The outgoing Deputy Minister of Defence for the Netherlands, Jack de Vries, says a regional tribunal needs to be set up to try pirates.

16.3.10

According to the Bangkok Post, "A picture taken on January 6 from a Canadian patrol frigate shows the North-Korean-crewed, Virgin Islands-owned MV Theresa VIII chemical tanker moored off a beach near Harardhere, Somali", That would be HMCS Fredericton which was at the mouth of the Gulf of Aden March 14, "HMCS Fredericton continues with her anti piracy patrols" The crew on the Fredericton say they’ve noted the movement of insurgents to Yemen from Somalia in the region, but it’s not their mission to stop it."

Kiribati Flagged, chemical tanker with a crew of 28 and deadweight of 22, 294 tonnes, has been released by pirates on 16 March 2010. Hijacked in the Somali Basin, 180 MILES North West of the Seychelles, on 17 November 2009, she has been held in the pirate stronghold of Haradera, on the Somali coast.

An unknown ransom was exchanged on the morning of 16 March and the ship is now underway and heading out to sea.

On 16 November a North Korean-crewed, Kiribati-flag, Virgin Islands-owned (operated from Singapore) Chemical Tanker named the MV Theresa VIII was hijacked in the south Somali Basin, 180 nautical miles North West of the Seychelles. Theresa VIII has a deadweight of 22,294 tonnes and a crew of 28 North Koreans.

Kiribati-flagThe Gilbert Islands were granted self-rule by the UK in 1971 and gained complete independence in 1979 under the new name of Kiribati. The US also relinquished all claims to the sparsely inhabited Phoenix and Line Island groups in a 1979 treaty of friendship with Kiribati.

The country's capital of Tarawa has historic sites and artefacts where one of the bloodiest battles of World War II took place.

--The captain of the Theresa VIII died from gunshot wounds he got during the hijack, the pirates say.

Mr Kuok Khoon Hong, aged 59, is the Co-founder, Chairman and CEO of Wilmar International Limited, Integrated agribusiness. "We own a fleet of liquid bulk vessels to meet part of our transportation needs. The ownership of vessels provides us the flexibility in our merchandising operations."Wilmar International GroupWilmar International Ltd.Previous DirectorshipsDirector: Theresa Shipping Co Pte Ltd

Wilmar Ship Holdings Pte. Ltd., (“WSH”) a wholly-owned ship owner and operator of theCompany, has acquired a 60% interest in Raffles Shipping Corporation Pte. Ltd. (“RSC”). RSC will manage and operate WSH’s fleet of liquid oil tankers.Investments in associatesThe following is the list of associates of the GroupCosmos Shipping Ltd (4) British Virgin Islands Ship-owning and chartering – 50

12.3.10

Negotiations can last 6-8 weeks for the release of the product tanker Al-Nisr Al-Saudi held by Somali pirates. "The shipping company has credited funds for the satellite phone for talk-time" a spokesperson for the Sri Lankan Foreign Affairs Ministry said. All contact has gone through SALAMA (Saudi IAIC Cooperative Insurance Co.) via its head office in Jeddah, An official from the IGP&L (International Group of P&I Clubs) which is coordinating action between the pirates and the insurance company, arrived in Riyadh on March 8. "The negotiation process is continuing for want of any other solution,” said Kamal Muhammed Al-Urri, IBC CEO. The ship was destined to operate as part of the International Bunkering Company operations in the Gulf of Jeddah where it would refuel other ships at sea.

SALAMA, the largest Takaful and Re- Takaful Group has tied up with BNP Paribas Investment Partners. The partnership offers BNP Paribas’s flagship Islamic Fund, the Global Equity Optimizer, with investor returns linked to Shariah compliant global equity markets, including Asia, Europe and the USA.

SALAMA is pleased to provide it’s customers with Shariah compliant insurance together with value added investment services that can cater to clients long term investment needs, which are compliant to Shari’ah principles.

SALAMA presents diverse Shariah compliant unit linked insurance products to its discerning clients and with BNP Paribas’s asset management services it is possible to offer the best of class Shari’ah compliant investment opportunities.

Noel D’Mello, the Head of Family Takaful, SALAMA, commented, “SALAMA has entered into several tactical tie ups with renowned Islamic Fund Investment companies and distributor alliances to spread Shariah compliant savings and insurance products within the UAE.”

11.3.10

“An official from the IGP&L (International Group of P&I Clubs) which is coordinating action between the pirates and the insurance company, arrived in Riyadh on March 8 to discuss matters with the Jeddah-based International Bunkering Company (IBCO) which owns the Saudi product tanker Al-Nisr Al-Saudi. ”Somali pirates who hijacked the Saudi ship Al-Nisr Al-Saudi on March 1 have said they will not harm the vessel's crew. The shipping company had established contact with the pirates through satellite communication

10.3.10

A family member of one crewman said, “They said not to worry and that the company is highly concerned about the security of the crew.”

Nautictank Pte Ltd Affiliate Norstar Shipping Company Ltd was founded in the United Kingdom in 1998 by Chris Bonehill. In 2001 the Company relocated to Monaco and in 2005 the Company upgraded its status to Norstar Monaco S.A.M.

In 2005, Norstar Shipping (Asia) Pte. Ltd. was founded by Tom Bonehill and Chris Bonehill in Singapore, one of the fastest growing shipping hubs, to address the booming Asian, Far East and Japanese markets.

Three shipping investment funds were subsequently formed which together have invested in building a fleet of 14 specialized tankers.

Chris Bonehill – Founder and Chief Executive Officer. Chris began his professional shipping career at Clarkson PLC in 1989 and moved to Arrow Shipping (UK) Ltd in 1991 where he rose to the position of Director of Sale & Purchase. He established Norstar in 1998 initially as a UK-based ship brokerage firm, focused exclusively on major ship owning clients, and led its international expansion into its currently diversified maritime activities.

Tom Bonehill is CEO of Norstar Asia Pte Ltd which he founded in Singapore in 2005. Tom moved to Asia in 1993, initially spending a year in Jakarta followed by a year serving onboard a merchant navy vessel. Between 1995 and 1997 Tom trained as a ship broker with Clarksons in Hong Kong. He moved to Singapore at the end of 1997 where he has worked continuously, building an extensive portfolio of blue-chip Asian clients with particular focus on South East Asia and Japan.

9.3.10

UBT Ocean hijacked on March 5, chemical tanker, Marshall Island flagged , is now reported in the vicinity off the pirate stronghold east of Haradere.

Brovig, engaged in most trades, crude, oils and products, chemical tankers,Th. Brøvig Group was founded in 1889 by Tharald Brøvigs great-grandfather Gunder Christian Brøvig and has followed the development from sail through steam up to the modern fleet. Throughout more than a century the company has sailed through rough weather and calm seas in a world shifting in world trade and politics. The Group has been engaged in most trades, crude, oils and products, chemical tankers, dry cargo bulk, fruit, live stock and container vessels. It also established a liner service between USA and Mexico. This line was operated by Brøvig for three decades. Eventually this line was sold to the Mexican state. Throughout the years the company has operated as time-charterer for both tank and dry cargo tonnage. During the late 1970’s the shipping business world wide suffered from overcapacity and decreased demand for transport. During this period several old vessels were sold and some new vessels came into the fleet. In the early 1980’s the Norwegian K/S system was reintroduced, and this led to a giant investment by Norwegian shipowners, mostly in second hand tonnage. This was also the case with Th. Brøvig. These new investments, however turned out to be very expensive, and the company suffered heavy losses due to very high operational costs and falling freightmarkets. It finally was decided to cut losses and the vessels were sold, the last one in 1992. The Group was restructured by Tharald Brøvig in 1992 as the sole owner of the Group. The Groups activities have from then been diversified in venture and shipping where venture has been the main activity.

7.3.10

The last message was from the captain of the Norwegian oil product tanker "UBT Ocean" which was captured by Somali pirates in the Indian Ocean on March 5 was that pirates had entered the tanker, and no contact has been re-established. here

The shipping investment of Ugland Holdings compromise of five chemical carriers owned together with partners via Ugland Brøvig Tankers Pte Ltd, a Singapore based company, Kjell Rune Staddeland, 46, the former head of JB Ugland Holding in Grimstad, has lodged a NOK 125 million (USD 20m) claim against his former employer after having been kicked out of the company last November with only two days´ notice. Staddeland was replaced by 27-year-old Johan Martin Ugland, the son of owner Johan Benad Ugland. Staddeland also quit board membership of 15 companies in the Ugland group. He owns four percent of the shares in JB Ugland Holding and for the past six months has been negotiating a deal whereby his stake would be repurchased by Ugland, However, the talks broke down and Staddeland has brought the case against JB Ugland in a local court. He is demanding NOK 5m in compensation for what he considers an unlawful firing by the company and is suing Johan Benad Ugland personally for not standing by a deal to puchase Staddeland´s stake in the company for NOK 120m. Staddeland has been with the company for 17 years.JB Ugland sold most of its shipping activities to Siva Ventures of India early last year before the market crashed.Some observers have suggested that the value of JB Ugland Holding is NOK 2.5bn..here